Climate tech has emerged as this continuing to be the bullish bet in an economy which is generally turning sour. This is not necessarily software that we're dealing with. These are science experiments and infrastructure that require a level of scientific savvy, he says. The way VC makes money is that they make many, many bets, and most of them are going to fail. But there'll be these spectacular victories, which will make for much of how the fund is created.

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